Fintech
Augmentum Fintech invests in LoopFX
Augmentum Fintech has made a £2.6 million investment in London-based peer-to-peer FX trading platform LoopFX.
LoopFX is a new independent venue for large spot FX trades. The platform allows traders to compare, in real time, with other asset managers and banks without loss of information and at a mid-market rate, reducing trading costs and improving execution processes under the best conditions.
Augmentum, a backer of Tide and Zopa Bank among others, is the first institutional investor in LoopFX. Its investment follows the integration of the startup’s “Peer-To-Bank” matching technology into State Street’s FX Connect and FactSet’s Portware.
Tim Levene, CEO of Augmentum Fintech, says: “We are increasingly focused on opportunities in the capital markets space, where we see a trend in incumbents choosing to partner and collaborate with innovative early-stage companies.
“We believe LoopFX offers a textbook example of a fintech operating in capital markets in partnership with blue chip financial institutions. LoopFX brings trading and price discovery efficiency to the FX market, which in turn will help market participants comply the best execution requirements.”